Orange partners with RCB - to launch Bank to Wallet & Wallet to Bank service
Orange Sierra Leone and Rokel Commercial Bank (RCB) have entered into a new partnership to ease Orange Money and banking transactions.
The partnership will facilitate the transfer of money through the ‘Bank to Wallet and Wallet to Bank’ service.
According to the new partnership, a customer who owns and operates an Orange Money and a Rokel Bank Account would find it easy to transfer and save money in either of the two.
The event for the establishment of the new partnership took place at the RCB new branch in Juba community, West of Freetown.
Before the new partnership was officially launched, an official of Orange Sierra Leone, Abibatu Baxter explains the process a customer has to go through to enjoy the service.
She explained that the service could be accessed through the USSD Code #144#.
“A customer can select 1 to link with the bank account and 2 to see the list of bank partners and subscribe, select the bank among partners and then enter the Orange Money Code which should not exceed four digits,” she explained and added that the customer would receive the activation key by SMS.
“A customer has 30 minutes to complete the process,” she said.
A customer, she stated, who owns an Orange Money and RCB accounts could transfer as low as Le 10, 000 (Ten Thousand Leones) and as much as Le15, 000, 000 (Fifteen Million Leones). She also informed the audience that the linkage is free of cost but stressed that there should be no inconsistency in a customer’s personal details, especially the name of a customer.
“If a customer gives a name that is different from the original name in the bank account, there will be no linkage,” she added.
Chief Executive Officer (CEO) of Orange Money, David Mansaray expressed excitement for the new partnership adding; “It is a “win-win situation.”
He said the new service would impact customers in diverse ways, citing quality service, improve the bottom line [profit] and enhance access to more customers.
He continued that the new partnership between the two institutions is about financial inclusion and reiterated that it would not be the only service.
“The two institutions will explore avenues for digital lending, investment opportunities and other services in the future,” he assured, while making reference to a recently published report that labeled Orange Sierra Leone and RCB as the top two institutions in the country.
“Orange Sierra Leone is the leading company in the telecoms industry and Rokel Commercial Bank the first bank in the banking industry,” he said.
Mansaray also touched on the benefits the two institutions stand to derive from the new partnership. Out of the partnership, the Orange Money CEO went on, Rokel Bank stands to benefit greatly especially in terms of liquidity.
“Where a customer needs money from the bank at a time the bank does not have the money, the customer can easily place the amount in his Orange Money wallet and cash it out with any Orange Money agent,” he explained.
He described the journey for the realisation of the new partnership as a tough and rugged one but added that all is well that ended well. He however noted that it marked the beginning of a long and prosperous journey with opportunities for expansion.
Managing Director of Rokel Commercial Bank, Dr. Walton Ekundayo Gilpin said the new partnership was a fundamental step towards digital banking, adding that the bank believes that through hard work and perseverance, they would surely reach their destination.
“A 1, 000-mile journey begins with a step. We are moving and as long as we don’t stop moving, we will get there,” the RCB Managing Director said.
Mr Gilpin also saw the establishment of the new partnership as an era of digitalization, in that there would be more funds and revenue for government. He believes that with the new partnership, the vicious cycle of debts and deficit banking would be a thing of the past.
“We can change the financial statistics for Sierra Leone’s financial inclusion. It is time for Sierra Leone to move from being the low among the lowest countries in terms of financial inclusion,” he said.
He assured the public that the marriage between Orange Sierra Leone and Rokel Bank would work.